“Renewable” What?? Losses Over Three Billion Dollars and Counting
By Warren Duffy
With the recent bankruptcy announcement of yet another solar company, does it seem practical for the government to continue backing renewable energy companies while ignoring the slow and steady fossil fuels?
Here are the facts…YOU decide.
As of today, five major U.S. solar companies bit the renewable green dust and filed for bankruptcy, costing investors and taxpayers billions.
The latest to declare bankruptcy was Solar Trust for America that received $2.1-Billion in loan guarantees from the U.S. Energy Department. The company was planning two major solar electric generating plants in the California desert east of Palm Springs, one covering more than 3,000 acres of public land. On Monday, April 2nd in a Delaware Bankruptcy Court, the company reported $10-million in assets and debt of more than $100-million.
Prior to the Solar Trust bankruptcy, the largest solar failure in America was the Solyndra solar panel manufacturing plant in Fremont, CA. It lost over a billion dollars of investor backing from private backers like George Kaiser (known Obama campaign bundler), the Walton Family (Wal-Mart) and Richard Branson (Virgin Airways). The bankruptcy of Solyndra and the $535 Million in U.S. Energy Department loan guarantees tripped a Congressional investigation. How did the company ever qualify for the federal dollars? Why were they applying for a second government loan while the company was just months away from bankruptcy? The investigation continues.
In February, the Auburn Hills, Michigan company Energy Conversion Devices and the parent company of Uni-Solar, filed for Chapter 11 bankruptcy, costing investors another $250 Million. The solar panel maker produced thin solar panels for commercial rooftop installations
Evergreen Solar also hit the skids last year and lost more than $485 Million of investor’s money. The Michigan solar panel manufacturer claimed that China manufactured similar solar equipment and flooded the American solar panel market with cheaper panels, triggering their demise. (Solyndra and President Obama have been known to call the same “foul” on China.)
The smallest of the five solar firms to go belly up last year was Spectra Watt. When the firm filed for bankruptcy last year, by comparison, they lost a paltry $38.7 MILLION when the firm filed for bankruptcy last year.
The total losses of the five American solar businesses exceeds $3 Billion. However, a German based solar company, Q-Cells, one time listed as the largest solar company in the world, showed $1.13-billion in losses in 2011 and filed “insolvency proceedings” on April 2, 2012. It appears America is not alone in renewable energy disasters.

April 18, 2012 

